Topics covered include: Principal residence; Exclusions, gains and sales Home office expenses; Like-kind exchanges; Property settlements; Involuntary conversion; Exchange rules. Upon completing this course, you should be able to: Figure the exclusion of gain from the sale of a principal residence; List improvements and other expenses that increase or decrease basis in a principal residence; Determine whether a transaction qualifies as a like-kind exchange; Explain the rules for involuntary conversions; Discuss special exchange rules for certain types of property.